#JustIn: Namcor and partners upbeat about Angolan oil deal

JUST IN: Namcor, whose deposit into an Angolan oil block was recently refunded by Sonangol, said in a statement this morning that "all the parties are fully committed" to making the transaction happen.

Namcor and its partners in a subsidiary called Sungara Energies had paid N$524 million of the required N$8 billion for a 10% stake in the oil block. It is understood that Namcor and their partners in the joint venture had until July this year to ensure they paid the N$8 billion. With July approaching and Sonangol paying back the deposit money over what it calls negative publicity allegations that some of Namcor's payments were not properly authorised, the deal seems difficult to pull off. Namcor did not explain in its statement whether the refunded deposit has been paid back to Sonangol, which had given the joint venture partners 48 hours last week to clear their air over approval allegations.